North Carolina Down Payment Assistance Systems
Online Payments - The North Carolina Housing Finance Agency got two excellent plans for first-time Home Buyers. These systems will be the Down Payment Assistance System along with the Mortgage Credit Certificate.
You buy a property and December 1, 2009 and should you qualify for one of the plans, it is also possible to qualify for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.
First, who's a first-time Home Buyer? A first-time Home Buyer is someone who hasn't owned a house within the past three years. This is precisely the same qualifying definition.
A Mortgage Credit Certificate (MCC) is a federal tax credit to help home buyers with low and moderate incomes. An MCC “reduces your tax liability depending on a percentage of the mortgage interest which you pay.
If you qualify for the MCC, you can claim 20% of the interest you pay as a credit in your federal income taxes on your mortgage. It's possible for you to save up to $2,000 on your taxes.
You'll have the ability to unite this with the $8,000 tax credit, should you qualify for 2009. This may reduce a purchaser's tax liability .
Who Qualifies for an MCC?
Who qualifies for an MCC is based on the purchase price of the house along with your income you're purchasing. Household income means the “gross income of the mortgagor and any other man expected to reside in the residence who's 18 years old or older.”
House price limitations Durham and Chatham Counties and the income are listed below.
MCC Income Limitations 1 Person $61,500 2 Individuals $61,500 3 Persons $70,500 4 Individuals $70,500
MCC Sales Price Limits New House $220,000 Existing House $210,000
The purchaser just has to pay $1,000 of their own funds and the load would pay as much as .
This plan has more stringent income limits than the MCC plan outlined above. Like the MCC application, it can be used in combination with the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The down payment help, nevertheless, can't be applied together together with the MCC. This is an either or situation.
House price limitations Durham and Chatham Counties and the income are listed below.
Down Payment Assistance Income Limits
1 Person $39,950 2 Persons $45,650 3 Individuals $51,350 4 Men $57,050
Down Payment Support Sales Price Limits New Dwelling $210,000 Existing House $210,000